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ZAPATA CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(IN THOUSANDS)
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NINE MONTHS ENDED
JUNE 30,
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1995 1994
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Cash flow provided (used) by operating activities:
Continuing operations:
Net income (loss) from continuing operations............ $ (3,463) $ 10,026
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Adjustments to reconcile net income (loss) to net cash
provided (used) by operating activities:
Depreciation, amortization and valuation provisions.... 23,382 30,779
Gain on sale of assets................................. (5,268) (37,457)
Changes in other assets and liabilities................ (9,719) (6,282)
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Total adjustments.................................... 8,395 (12,960)
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Net cash provided (used) by continuing operations...... 4,932 (2,934)
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Cash flow provided (used) by investing activities:
Proceeds from dispositions of investments and other...... 12,381 88,533
Proceeds from restricted cash investments................ 702 75,083
Proceeds from notes receivable........................... 5,495 1,061
Business acquisitions, net of cash acquired.............. -- (73,222)
Capital expenditures..................................... (18,339) (20,049)
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Net cash provided by investing activities............ 239 71,406
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Cash flow used by financing activities:
Borrowings............................................... 12,864 --
Principal payments of long-term obligations.............. (14,137) (69,360)
Preferred stock redemption and common stock buybacks..... (11,758) (2,245)
Dividend payments........................................ (1,153) (404)
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Net cash used by financing activities................ (14,184) (72,009)
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Net decrease in cash and cash equivalents.................. (9,013) (3,537)
Cash and cash equivalents at beginning of period........... 13,094 15,273
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Cash and cash equivalents at end of period................. $ 4,081 $ 11,736
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The accompanying notes are an integral part of the financial statements.
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